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Oversight board reviews engagement letters, plans $100,000 cap and county council update
Summary
An oversight board said it has received engagement letters from Crowe Horwath and Barnes & Thornburg, will seek language capping combined fees at $100,000, and is scheduled to report to the county council; the treasurer reported a $100,000 balance and the board approved minutes before adjourning.
An oversight board said it has received engagement letters from financial consultant Crowe Horwath and legal counsel Barnes & Thornburg and is refining the scopes and fee language ahead of a recommendation to the county council.
The board’s presiding speaker said the two engagement letters “basically just define the hourly rates that they’re gonna charge” and that there will be no upfront retainer; firms would submit progress billings, typically at the end of each month. The presiding speaker added the board is seeking language that would cap combined fees so the two engagements “do not be more than a 100” (referring to $100,000) to keep costs within the funds allocated to the oversight board.
Neil, a public commenter, asked whether firms would submit fixed bids or work on hourly rates and whether billings would be progressive or retainer-based. The moderator replied that both letters currently define hourly rates and that the board intends to incorporate hard caps into the agreements.
Board Member (Speaker 2) said the board hopes to receive updated engagement letters before its next meeting so members can review them and vote. The presiding speaker said the board’s deliverable is to make a recommendation to the county council by April 15; a board member clarified April 15 is the latest date for that deliverable under the task rules. The presiding speaker further noted that while the recommendation must be delivered by that date, the funds themselves could extend beyond April 15, but the firms’ work is expected to be completed by then.
An attendee identified as Commissioner (Speaker 4) said the oversight board has been scheduled for a county council meeting on February 10 at 5 p.m. to introduce members and provide an update, a requirement the commissioner said came from an ordinance calling for monthly updates from the oversight board.
The treasurer reported the board has not yet incurred expenses and that the balance remains $100,000. The board approved the minutes from the prior meeting by voice vote and adjourned after a brief discussion of its calendar; the next regular meeting was set for Thursday, January 22.
The board did not take formal action to execute any contracts during the meeting; members said they expect to circulate revised engagement letters for review before voting at a future meeting.
